WCI Communities Third Quarter 2014 - Earnings Conference Call

November 4, 2014

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Disclosure Statement

This presentation contains forward-looking statements. All statements that are not statements of historical fact, including

statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal

securities laws, and should be evaluated as such. Forward-looking statements include information concerning the Company’s

future goals, expected growth, market conditions and outlook (including the estimates, forecasts, statements and projections

relating to Florida or national markets prepared by John Burns Real Estate Consulting), expected liquidity and possible or

assumed future results of operations, including descriptions of its business plan and strategies. These forward-looking

statements may be identified by the use of such forward-looking terminology, including the terms “believe,” “estimate,” “project,”

“anticipate,” “expect,” “seek,” “predict,” “contemplate,” “continue,” “possible,” “intend,” “may,” “might,” “will,” “could,” “would,”

“should,” “forecast,” or “assume” or, in each case, their negative, or other variations or comparable terminology.

For more information concerning factors that could cause actual results to differ materially from those contained in the forward-

looking statements, please refer to “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-K filed by the Company

with the Securities and Exchange Commission on February 27, 2014 and subsequent filings by the Company. The Company

bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in

light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future

developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider

this presentation, you should understand that these statements are not guarantees of performance or results. The forward-

looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place

undue reliance on these forward-looking statements or projections. Although the Company believes that these forward-looking

statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many

factors could affect the Company’s actual financial results or results of operations and could cause actual results to differ

materially from those expressed in the forward-looking statements and projections. The Company undertakes no obligation to

update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If the

Company does update one or more forward-looking statements, there should be no inference that it will make additional updates

with respect to those or other forward-looking statements.

In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this

presentation contains the non-GAAP financial measures EBITDA, Adjusted EBITDA and Adjusted gross margin from homes

delivered. The reasons for the use of these measures, a reconciliation of these measures to the most directly comparable GAAP

measures and other information relating to these measures are included below in the appendix to this presentation.

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Cash58%

LTV 1-64%12%

LTV 65-80%23%

LTV >80%7%

Buyer Profile with Low Reliance on Financing

WCI Communities at a Glance

Lifestyle community developer and

luxury homebuilder throughout Florida

Target move-up, second-home and

active adult customers – High average selling prices - $427k on

3Q14 deliveries

– High proportion of all cash buyers - 58% in

3Q14; 59% year to date

– Low cancellation rate – 6.5% in 3Q14

Approximately 10,400 home sites

owned and controlled as of

September 30, 2014

Conservative balance sheet with $170

million of cash

Continued Homebuilding new order and

neighborhood count growth

Complementary and value-add Real

Estate Services & Amenities

businesses

Geographic Footprint

Loan to Value Percentage – 3Q14 Deliveries

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Note: Florida as referenced to John Burns Real Estate Consulting and in the charts represents a compilation

of the major FL markets

(1) US Census Bureau

(2) John Burns Real Estate Consulting, October 2014

(3) Florida Realtors’ ® Florida Housing Market statewide data reports

(4) Metrostudy

Compelling Florida Real Estate Market Opportunity

Florida building permits year to date 2014 -

2nd highest in the nation (1)

– LTM permits still ~70% off peak

– LTM single family permit growth of 6.5%,

compared to (0.8%) nationally (2)

Florida is a leading growth state – Population growth – 3rd highest growth state (1)

– Household growth rate three times the national

rate (2)

– Job growth rate 20% higher than the national

rate (2)

– Sarasota/Bradenton and Naples/Ft.Myers

ranked among the top 10 national markets for

year-over-year starts growth (4)

Southern Florida ranked as the #1 market in the

U.S. in October 2014 (2) (includes Naples, Ft. Myers,

Sarasota, West Palm Beach, Miami and Ft. Lauderdale)

Strong resale market – September 2014 was the 34th consecutive

month of year over year increase in median

sale prices for both single and multi-family

homes (3)

Household Growth – YOY Percent Change

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

2010 2011 2012 2013 Aug-14 TTM

Florida National

Source: Moody's Analytics, John Burns R.E. Consulting, Pub: Oct-14

Months Supply of Resale Inventory - Single Family (3)

5.4 5.4

5.1

4.7 4.7

4.1

Florida Naples Ft.Lauderdale* Ft.Myers Tampa Bradenton/Sarasota

Note: Ft.Lauderdale represents Broward County only; other locations represent MSA

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Continued New Order Growth ($ in thousands)

128

415

172

572

3Q YTD

New Orders2013 2014

+34%

+38%

$54,411

$183,347

$84,001

$278,750

3Q YTD

Contract Value of New Orders2013 2014

+54%

+52%

$425

$442

$488 $487

3Q YTD

New Orders ASP2013 2014

+15% +10%

2.6%

3.4%

3.9%

3.2%

3Q YTD

New OrdersIncentives % of Base Price

2013 2014

-20 bps+130 bps

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Continued Deliveries and Backlog Growth ($ in thousands)

141

342

146

406

3Q YTD

Deliveries

2013 2014

+4%

+19%

328

459

3Q13 3Q14

Backlog Units3Q13 3Q14

+40%

$154,239

$252,308

3Q13 3Q14

Contract Value of Backlog3Q13 3Q14

+64%

ASP - $470

ASP - $550

$429 $423 $427 $422

3Q YTD

ASP per Home Delivered

2013 2014

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Executing on the Long Term Growth Strategy

(1) Measured as a percentage of total homebuilding revenues

(2) Percentage measured as a percentage of total revenues

17.0% 17.2%

3.0%1.5%

20.0%

18.7%

YTD 2013 YTD 2014

SG&A % (1)

Non-Cash Incentive Comp

$25.7

$23.7

YTD 2013 YTD 2014

Adjusted EBITDA (2)

($ in millions)

11.6% 9.3%

HB$145.1

HB$171.3

RES$60.9

RES$67.8

AM $16.6

AM $17.3 $222.6

$256.4

YTD 2013 YTD 2014

Revenues ($ in millions)

HB$44.4

HB$46.9

RES $3.2 RES $1.8

AM $(1.7) AM $(1.2)

$45.9 $47.5

YTD 2013 YTD 2014

Gross Margin ($ in millions)

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6,483 5,872

5,390

379 2,635

4,977 6,862

8,507

10,367

4Q12 4Q13 3Q14

Legacy New Acquisitions

Strong Land Portfolio Positions WCI for Future Growth

Land portfolio totals approximately

10,400 owned and controlled home

sites

High quality land in constrained

markets

21% increase from the

approximately 8,600 owned and

controlled home sites in September

2013

84% Owned / 16% Optioned

Low basis legacy land marked to fair

value in 2009 represents 52% of the

total portfolio

Experienced team with extensive

land development expertise

Actively pursuing additional land

acquisition opportunities throughout

Florida

Owned and Controlled Home Sites

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Selected Third Quarter and YTD Operating Results

Note: Some variance percentages have been rounded to tie to third quarter 2014 Form 10-Q.

$ in thousands, except per share amounts 2014 2013 Variance % 2014 2013 Variance %

Homebuilding revenues 62,381$ 60,802$ 2.6% 171,294$ 145,054$ 18.1%

Real estate services revenues 22,886 20,524 11.7% 67,848 60,915 11.3%

Amenities revenues 4,393 4,192 4.8% 17,257 16,620 4.2%

Total revenues 89,660 85,518 4.9% 256,399 222,589 15.2%

Total gross margin 15,698 17,157 -8.5% 47,539 45,863 3.7%

Income tax (expense) benefit (1,703) - NM (6,337) 85 NM

Net income (loss) attributable to common shareholders 3,140$ (17,022)$ NM 8,958$ (8,230)$ NM

Earnings (loss) per share - diluted 0.12$ (0.71)$ NM 0.34$ (0.41)$ NM

Weighted average number of shares outstanding - diluted 26,307 24,138 9.0% 26,272 20,099 30.7%

SG&A expenses as a percent of Homebuilding revenues 17.7% 16.9% +80 bps 18.7% 20.0% -130 bps

Adjusted gross margin percentage 28.6% 31.3% -270 bps 29.5% 32.6% -310 bps

Adjusted EBITDA 7,847$ 11,320$ -30.7% 23,740$ 25,724$ -7.7%

Homes delivered 146 141 3.5% 406 342 18.7%

Average selling price per home delivered 427$ 429$ -0.5% 422$ 423$ -0.2%

New orders 172 128 34.4% 572 415 37.8%

Average selling price per new order 488$ 425$ 14.8% 487$ 442$ 10.2%

Backlog units 459 328 39.9%

Average selling price per backlog unit 550$ 470$ 17.0%

Three Months Ended September 30, Nine Months Ended September 30,

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Strong Balance Sheet with Ample Liquidity

Conservative balance sheet

positioned to execute growth

strategy

Year to date investment in

land and land development

of approximately $111 million

Undrawn $75 million

revolving credit facility

(1) Available liquidity includes the $75 million of borrowing capacity under a four-year revolving

credit facility and $8 million of borrowing capacity available under a revolving credit facility

with Stonegate Bank.

(2) Net Debt represents total debt excluding premium less cash and cash equivalents; capital

represents net debt plus total equity.

$ in thousands

Cash & cash equivalents 169,541$ 213,352$

Real estate inventories 420,045 280,293

Senior notes due 2021 250,000 200,000

Total equity 421,022 409,864

Total capitalization 671,022 609,864

Availabile liquidity (1)

252,541 296,352

Debt to capitalization 37.3% 32.8%

Net debt to capital (2)

16.0% NM

(Cash + inventory) / debt 2.36 2.47

September 30, 2014 December 31, 2013

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Key Takeaways

Fully integrated Florida luxury homebuilder and

community developer

Focus on move-up, second-home and active

adult customer segments

Complementary and strategic Amenities and

Real Estate Services businesses

Florida real estate market remains strong

Continued growth – Orders & deliveries

– Neighborhood counts

Actively pursuing land acquisition opportunities

Leverage the scalable operating platform

Experienced and talented team

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Appendix

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2014 2013 2014 2013

($ in thousands)

Homebuilding gross margin 16,444$ 17,810$ 46,940$ 44,433$

Less: gross margin from land and home sites - 166 - 201

Gross margin from homes delivered 16,444 17,644 46,940 44,232

Add: capitalized interest in cost of sales 1,386 1,317 3,653 2,880

Adjusted gross margin from homes delivered 17,830$ 18,961$ 50,593$ 47,112$

Gross margin from homes delivered as a percentage

of revenues from homes delivered 26.4% 29.2% 27.4% 30.6%

Adjusted gross margin from homes delivered as a

percentage of revenues from homes delivered 28.6% 31.3% 29.5% 32.6%

Three Months Ended

September 30, September 30,

Nine Months Ended

Reconciliation of Non-GAAP Financial Measures Adjusted Gross Margin from Homes Delivered

Reconciliation of Non-GAAP Financial Measures

In addition to the results reported in accordance with U.S. generally accepted accounting principles (“GAAP”), we have provided information in this

presentation relating to adjusted gross margin from homes delivered, EBITDA and Adjusted EBITDA (as defined below).

Adjusted Gross Margin from Homes Delivered

We calculate adjusted gross margin from homes delivered by subtracting the gross margin from land and home sites, if any, from Homebuilding

gross margin to arrive at gross margin from homes delivered. Adjusted gross margin from homes delivered is calculated by adding asset

impairments, if any, and capitalized interest in cost of sales to gross margin from homes delivered. Management uses adjusted gross margin from

homes delivered to evaluate operating performance in our Homebuilding segment and make strategic decisions regarding sales price, construction

and development pace, product mix and other operating decisions. We believe that adjusted gross margin from homes delivered is relevant and

useful to investors and other interested parties for evaluating our comparative operating performance from period to period and among companies

within the homebuilding industry as it is reflective of overall profitability during any given reporting period. This measure is considered a non-GAAP

financial measure and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures when evaluating

our operating performance. Although other companies in the homebuilding industry report similar information, the methods used by such companies

may differ from our methodology and, therefore, may not be comparable. We urge investors and other interested parties to understand the methods

used by other companies in the homebuilding industry to calculate gross margins and any adjustments to such amounts before comparing our

measures to those of such other companies.

The table below reconciles adjusted gross margin from homes delivered to the most directly comparable GAAP financial measure, Homebuilding

gross margin, for the periods presented herein.

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Reconciliation of Non-GAAP Financial Measures (continued)

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA

Adjusted EBITDA measures performance by adjusting net income (loss) attributable to common shareholders of WCI Communities, Inc. to

exclude, if any, interest expense, capitalized interest in cost of sales, income taxes, depreciation (‘‘EBITDA’’), preferred stock dividends, income

(loss) from discontinued operations, other income, stock-based and other non-cash long-term incentive compensation expense, asset impairments

and expenses related to early repayment of debt. We believe that the presentation of Adjusted EBITDA provides useful information to investors

and other interested parties regarding our results of operations because it assists those parties and us when analyzing and benchmarking the

performance and value of our business. We also believe that Adjusted EBITDA is useful as a measure of comparative operating performance

from period to period and among companies in the homebuilding industry as it is reflective of changes in pricing decisions, cost controls and other

factors that affect operating performance, and it removes the effects of our capital structure (such as preferred stock dividends and interest

expense), asset base (primarily depreciation), items outside of our control (primarily income taxes) and the volatility related to the timing and

extent of non-operating activities (such as discontinued operations and asset impairments). Accordingly, we believe that this measure is useful for

comparing general operating performance from period to period. Other companies may define Adjusted EBITDA differently and, as a result, our

measure of Adjusted EBITDA may not be directly comparable to Adjusted EBITDA of other companies. Although we use Adjusted EBITDA as a

financial measure to assess the performance of our business, the use of Adjusted EBITDA is limited because it does not include certain material

costs, such as interest and income taxes, necessary to operate our business. Adjusted EBITDA and EBITDA should be considered in addition to,

and not as substitutes for, net income (loss) in accordance with GAAP as a measure of performance. Our presentation of EBITDA and Adjusted

EBITDA should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our EBITDA-based

measures have limitations as analytical tools and, therefore, investors and other interested parties should not consider them in isolation or as

substitutes for analyses of our results as reported under GAAP. Some such limitations are:

they do not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations;

they are not adjusted for all non-cash income or expense items that are reflected in our consolidated statements of cash flows;

they do not reflect the interest expense necessary to service our debt; and

other companies in our industry may calculate these measures differently than we do, thereby limiting their usefulness as comparative

measures.

Because of these limitations, our EBITDA-based measures are not intended to be alternatives to net income (loss), indicators of our operating

performance, alternatives to any other measure of performance in conformity with GAAP or alternatives to cash flow provided by (used in)

operating activities as measures of liquidity. Investors and other interested parties should therefore not place undue reliance on our EBITDA-

based measures or ratios calculated using those measures. Our GAAP-based measures can be found in our unaudited consolidated financial

statements in Item 1 of the Quarterly Report on Form 10-Q that we plan to file with the Securities and Exchange Commission on or before

November 7, 2014.

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Reconciliation of Non-GAAP Financial Measures (continued)

EBITDA and Adjusted EBITDA (continued)

(1) Represents capitalized interest expensed in cost of sales on home deliveries and land and home site sales.

(2) Represents the Company’s income taxes as reported in its unaudited consolidated statements of operations.

(3) Represents a reduction in net income attributable to WCI Communities, Inc. pertaining to its preferred stock wherein we (i) exchanged 903,825 shares of our common

stock (valued at $19.0 million) for 10,000 outstanding shares of our Series A preferred stock during July 2013 and (ii) paid $0.7 million in cash to purchase the one

outstanding share of our Series B preferred stock during April 2013. All such shares of preferred stock, which were carried at a nominal value on our consolidated

balance sheets, have been cancelled and retired. In accordance with Accounting Standards Codification 260, Earnings Per Share, paragraph 10-S99-2, any difference

between the consideration transferred to our preferred stock shareholders and the corresponding book value has been (i) characterized as a preferred stock dividend in

the Company’s unaudited consolidated statements of operations during the period that the related transaction was completed and (ii) deducted from net income

attributable to WCI Communities, Inc. to arrive at net income (loss) attributable to common shareholders of WCI Communities, Inc.

(4) Represents the Company’s other income, net as reported in its unaudited consolidated statements of operations.

(5) Represents expenses recorded in the Company’s unaudited consolidated statements of operations related to its stock-based and other non-cash long-term incentive

compensation plans.

(6) Represents expenses related to early repayment of debt as reported in the Company’s unaudited consolidated statements of operations during the three and nine

months ended September 30, 2013, including write-offs of unamortized debt discount and debt issuance costs and a prepayment premium related to our voluntary

prepayment during August 2013 of the entire outstanding principal amount of the Company’s Senior Secured Term Notes due 2017.

The table below reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss)

attributable to common shareholders of WCI Communities, Inc., for the periods presented herein.

2014 2013 2014 2013

($ in thousands)

Net income (loss) attributable to common

shareholders of WCI Communities, Inc. 3,140$ (17,022)$ 8,958$ (8,230)$

Interest expense 191 184 876 1,798

Capitalized interest in cost of sales (1) 1,386 1,317 3,653 2,880

Income taxes (2) 1,703 - 6,337 (85)

Depreciation 678 505 1,910 1,513

EBITDA 7,098 (15,016) 21,734 (2,124)

Preferred stock dividends (3) - 18,980 - 19,680

Other income, net (4) (107) (29) (535) (1,249)

Stock-based and other non-cash long-term

incentive compensation expense (5) 856 2,280 2,541 4,312

Expenses related to early repayment of debt (6) - 5,105 - 5,105

Adjusted EBITDA 7,847$ 11,320$ 23,740$ 25,724$

Adjusted EBITDA margin 8.8% 13.2% 9.3% 11.6%

Three Months Ended

September 30, September 30,

Nine Months Ended